Don’t Make These 5 Property Devaluing Mistakes
For most people, purchasing a home is the biggest investment they’ll ever make. This statement becomes even more true for folks who purchase multiple properties solely for investment purposes. While there are a number of things you can do to increase the value of a property, such as kitchen and bathroom updates, the converse is true as well – there are lots of ways you can devalue your property if you’re not careful. Here are 5 of the top mistakes you can make that will send your home’s value plummeting.
- Picking unusual paint colors. Paint colors are one of the first things people will notice about a property, so you have to be very careful when selecting your home’s hues. Bold colors are a no-no for both the exterior and interior rooms, even if they’re what’s in style at the moment. You may be thinking, “It’s just paint, it’s easy to change it.” And while that may be true, people often have a difficult time seeing past the color, and non-neutral shades are a big turn-off for most buyers.
- Overdoing it on the landscaping. Having some trees, shrubs, and flowers in place is definitely a good thing – just be careful not to add too much of that good thing. Going overboard on the planting translates into one thing for most buyers – maintenance. Even if the greenery looks fabulous and the house is the envy of the block, some buyers will not appreciate this. If you’ve got 12 rosebushes and 5 hedges and 14 large trees, not to mention all your annuals and perennials, you’ve just created a whole lot of work for the next owner.
- Ignoring repairs or taking shortcuts on them. Keeping up with regular maintenance and repairs is just part of homeownership. It can be expensive and time-consuming and no one likes doing it, but it still must be done. Not staying on top of them – or taking shortcuts on them – can lead to bigger problems down the road that could cost you even more money. Don’t fall into arrears with your property’s repairs, and take the time to have things fixed correctly, otherwise you may be hurting your home’s value in the future.
- Not paying attention to the property’s surroundings. There are lots of things not even on your property that can scare away a potential buyer – namely, your neighbors and the state of the neighborhood. If the house next door has trash in the yard and has fallen into disrepair, unfortunately, it’s going to affect your property as well. Take the time to scope out the neighborhood and see if the surrounding houses are well-kept.
- Not looking into future plans for the area. Let’s say you’ve just purchased a lovely home for $150,00 that backs up to a pleasant little wooded area. Isn’t it pretty? Now, will it still be pretty in 5 years when a developer has uprooted all the trees and built a discount store? The answer is no, and to make matters worse, now your home is only worth $125,000. Take the time to investigate what the future may hold for the areas around your home – it could make the difference of a lot of money for you.